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Nasdaq mulling plan for Bitcoin futures

Nasdaq mulling plan for Bitcoin futures

The Nasdaq exchange, the second-largest stock exchange in the world, may begin to offer Bitcoin futures next year. Bitcoin futures are an in-demand option, driving a number of exchanges to consider the possibility.

The report issued by the Wall Street Journal indicates that the stock exchange would follow suit behind the two Chicago-based markets that have already hinted the specifics of their Bitcoin futures plans.

John D’Agostino, a former Nymex executive and current exchange board member, stated that crypto currency trading is the most sought after discussion at every regulated exchange, everyone is pondering whether it can be done. He added that people want to trade digital currency.

Nasdaq Futures platform (NFX) is potentially repurposed to include cryptocurrency contracts. NFX was launched in 2015 and so far has mainly focused on energy trading.

The Nasdaq Stock Market is not the first big player from the traditional finance to enter the Bitcoin bandwagon. Chicago’s CME Group had also announced to start providing futures contracts on Bitcoin earlier this month. Many renowned investors and banks continue to put down Bitcoin as a bubble, but there are major financial institutions that have been exploring how they might interact with Bitcoin and its underlying structure, the blockchain.

Bitcoin is making the headlines worldwide as its price continue to break barriers. The cost of a single coin has crossed $10,000 earlier this week. Nasdaq, a recognized name among retail investors, will bring an approval to make a significant difference for investors who might be in a dilemma about whether to buy digital currency.

Given the meteoric rise of the crypto currency, almost every exchange in the US and in the global finance market is planning to integrate Bitcoin in their folio. Nasdaq’s listing of Bitcoin futures is likely to trigger more exchanges to pursue the path and give the virtual currency more credibility.